Fitch Ratings proceeded yesterday to the upgrade of Hellenic Bank Public Company Limited(HB). Specifically it has upgraded its Long-Term Issuer Default Rating (IDR) to 'B+' from 'B' and its Viability Rating (VR) to 'b+' from 'b'. The Outlook on the Long-Term IDR is considered Stable. 

According to Fitch, "This upgrade follows the completion of the acquisition of certain good assets and liabilities of Cyprus Cooperative Bank Ltd (CCB) and a EUR150 million capital increase. Under the final terms of the acquisition, HB took on board total assets of EUR9.3 billion comprising mainly loans (EUR4 billion net), Cypriot government bonds (EUR4.1 billion) and cash (EUR1 billion), as well as customer deposits of EUR8.8 billion."

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